Global iron ore trade in 2023 increased by 5% compared to 2022 to 1.59 billion tons. The improvement was due to a slight increase in steel production amid the absence of any clear policy to limit production by the Chinese government.The main reason for this growth was the growth of Chinese crude steel production while there was no clear policy for the production ceiling in China and the volume of steel exports was high.
Australia had about 54 per cent of total global exports of iron ore and pellets, with about 855 million tonnes, while Brazil, the world’s second-largest producer, accounted for about 24 per cent of iron ore exports with more than 380 million tonnes, 10 per cent growth from last year. It is worth mentioning that India’s iron ore and pellets exports increased by 177% from 16 million tonnes to 44 million tonnes a year earlier. Global iron ore consumption also reached 2.51 billion tonnes in 2023, nearly 12 per cent increase .
For 2024, global iron ore trade will depend on China’s steel production. Even though there is still no sign of a production ceiling in China